The company raised $50 million in the Series D funding round in May this year, at a valuation of $500 million led by the Asia fund of L Catterton, along with A91 Partners, Elevation Capital, and India Quotient
Bollywood actor Ranveer Singh made his first start-up investment for an undisclosed amount in homegrown beauty brand, Sugar Cosmetics. With this, the actor has also become the company's brand evangelist and will work towards building brand connections across the market, the company said in a statement.
The development comes after Sugar Cosmetics raised $50 million in the Series D funding round this May, at a valuation of $500 million. The financing round was led by the Asia fund of L Catterton, along with A91 Partners, Elevation Capital and India Quotient.
In February 2021, the beauty start-up had raised $21 million led by Elevation Capital, formerly SAIF Partners. It has raised $85.5 million from investors till date.
Kaushik Mukherjee, co-founder, and COO, Sugar Cosmetics said, “We are delighted to have Ranveer on board as we look forward to reinforcing our brand connect with consumers. He is undoubtedly one of the most popular youth icons in the country and his unstoppable and clutter-breaking personality fits very well with the brand ethos of Sugar. This will help supercharge our growth trajectory as we continue scaling Sugar aggressively to build it into a large and much-loved makeup and beauty brand.”
Mukherjee founded the company with his wife Vineeta Singh in 2012 as a direct-to-consumer (D2C) brand. With a focus on Gen Z and millennials, it start-up sells lipsticks, eyeliners, and other facial beauty products in an omni-channel format. It claims to have an annual sales of over Rs 550 crore, with 45,000 retail stores in over 550 cities.
FSN E-Commerce Ventures, Nykaa’s parent company also appointed Vishal Gupta as executive vice president for its consumer beauty brands